Like Marxist or mainstream economics, Keynesian economics has several
strands. There isKeynesian economics seen within the parameters of
general equilibrium economics,
<https://en.wikipedia.org/wiki/IS%E2%80%93LM_model>where changes in
income and expenditure, consumption and investment, interest rates and
employment will tend to an equilibrium between employment and
inflation,as long as there are no exogenous ‘shocks’ to the market
economy.
<https://www.ineteconomics.org/perspectives/blog/why-dsge-models-are-not-the-future-of-macroeconomics>
If wages and interest rates fall enough, then full employment and
investment growth will be achieved.
This is whatJoan Robinson, a follower of
Keynes,<https://en.wikipedia.org/wiki/Joan_Robinson>called ‘bastardised
Keynesianism’. It removed all the radical features of Keynesian
economics, which, to Robinson, politically a quasi-Maoist, were that
full employment could not be automatically achieved in modern ‘market’
economies. More likely there would be an equilibrium of
underemployment; and that this would be due to/uncertainty/about the
future for capitalists in making investment decisions
and/irrationality/among economic ‘agents’ like consumers and capitalists.
https://thenextrecession.wordpress.com/2021/04/26/post-keynesianism-the-principles/
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